Qatar Makes Significant Strides In Advancing Economic Diversification

(MENAFN- The Peninsula) Joel Johnson | The Peninsula

DOHA: The Minister of Finance H E Ali bin Ahmed Al Kuwari participated yesterday in the 21st Middle East and South Asia Partners conference (MESAC) hosted by KPMG in Qatar highlighting Qatar's economic advancements.

Along with the Minister, KPMG's Global Chairman, Bill Thomas, Country Senior Partner at KPMG in Qatar, Ahmed Abu Sharkh and other senior officials and partners attended.

“Our nation has made significant strides in advancing economic diversification, sustainability, and resilience. This includes investing in infrastructure and technological innovations,” the Minister said in his opening remarks. He pointed out that the hosting of FIFA 2022 provided extensive infrastructure in the country including Hamad International Airport that supported tourism.

Stressing that low-carbon gas aims to increase its production of LNG by more than 80 percent to 142 million tonnes per year by 2030, the Minister noted that it helps to meet the demand for energy for growing economies, including several countries' representatives.

Earlier this year, Qatar unveiled the third national development strategy aiming to achieve ambitious goals for economic, social, and environmental development. He lauded“Professional services firms such as KPMG have played a crucial role throughout this process and will continue with engagements.”

He remarked that KPMG contributed immensely to the development and resilience of the Qatar economy and beyond positioning itself as a model of strength and adaptability.

Minister Al Kuwari said“In Qatar, we have benefited from the technical expertise and insights provided by various business activities, which help businesses and government institutions navigate the complexities of an increasingly interconnected world. By offering drivers on risk management compliance and strategic growth, KPMG and its counterparts empower organisations through the public and private sectors. This influence is invaluable, especially in supporting robust economic frameworks that promote transparency, accountability, and sustainability.”

From supporting new ventures in finance and technology to mastering developments in healthcare, energy, and education, Qatar plays a pivotal role in building of mutual economic future healthy economy here in Qatar and across the wider region, he said.

Minister of Finance, H E Ali bin Ahmed Al Kuwari with other officials during the event.

“Moreover, as the world's basest complex challenges from global economic shifts to artificial intelligence and climate change, the advice and strategies offered by professional services firms are instrumental in helping economies remain resilient and adaptable, Minister Al Kuwari added.

Commemorating the entity's four decades of presence in the country, Country Senior Partner at KPMG in Qatar, Ahmed Abu Sharkh (pictured) told The Peninsula that“KPMG in Qatar's 45-year journey reflects our commitment to growth, resilience, and alignment with Qatar's National Vision 2030. Over the years, we have adapted to meet the unique challenges and opportunities within the Qatari market, driven by the country's ambition to diversify its economy and advance sustainable development.”

The official reflected the constant investments in advanced technology and expertise-particularly in realms such as AI, data technology, and tax technology to support clients and partners in achieving strategic objectives. He said“We remain dedicated to working closely with government bodies, regulators, and clients, aligning our approach to Qatar's goals of economic, social, and environmental progress.”

Expounding opportunities offered for MESAC attendees Sharkh said that the“Conference provides an essential platform to understand current challenges within the region and explore ways to align KPMG in Qatar's strategies with those of key stakeholders. The sessions focus on various initiatives and trends across AI, data technology, tax technology, and assurance, facilitating an exchange of insights on the latest advancements.”

He further added“Discussions are centered around major sectors, including government and public sector, energy and natural resources, and financial services. Through these sessions, we aim to refine our strategies to support clients in these sectors, ensuring that our services effectively address both present and future challenges.”

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